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Cloud Modernisation

AI, apps and cloud banking are shaping the investment and banking institutions we all know so well. So, how is the finance sector taking all of this increased accessibility and actionable data and using it for good?

We’re looking at the implementation of AI in the modern workplace over the next few weeks and taking a deeper dive into sectors that are reaping the benefits.


This weeks discussion is finance, the finance cloud and the AI that’s driving modernisation. Blockchain and mobile payments as well as a plethora of handy money-based apps and cloud banks mean people are now able to truly tailor their financial experience.

Of course, there are those that will always ask the question- can AI replace that human touch? There will always be those who value the chatter in the queue at the bank above all else. However, the general consensus appears to be leaning towards the idea that artificial intelligence can replace the role of human financial advisors and therefore, those in the industry must adapt or risk getting left in the pre pandemic era. But before jumping to that conclusion, it’s worth exploring some important questions: what’s next, what is needed and who needs it?

The idea of ‘keep up or get left behind’ is supported by industry leaders. According to the general manager of global banking and financial markets at IBM corp ‘“A successful trader now needs to be somebody who’s very adept at taking advantage of artificial intelligence and machine learning,” Wagle said. “Those types of individuals are not available in London, New York or Frankfurt. They have strong views on work lifestyle balance, and a lot of them have indicated they’re not willing to move.”

Examples of Transformative AI

AI has blown open the doors for accessibility to trading and investing. We all remember the Reddit crash of 2021, that was a prime example of low budget investors having the ability to use new platforms to compete with the big old school giants. In fact, robo-advisors are increasing investment activity, especially with the low-budget investor, who generally doesn’t have access to investment advisors.

It should also be mentioned that continuous 24/7 accessibility, automated rebalancing and monitoring are the tasks that differentiate robot advisors from traditional investment services. Customers can access their accounts via user-friendly websites or apps designed to make transactions super easy. In Layman’s terms the finance and investment landscape has been levelled out by tech, which for most of us feels like a positive.

AI transforming the investment landscape

AI mitigates human error and is inherently consistent. It can provide a much narrower picture of what will work and what won’t based on previous information. When it comes to investing, having this level of consistent understanding of the market can help investors make the right choices.

In fact many financial leaders support the idea that AI could solve questions about potential financial problems and solutions. While human financial advisors do have some of the best options for financial solutions based on past experiences, AI can provide more research-based information on how people can succeed financially. It is clear that with advancements in technology, even the financial sector has become less human dependent. Personal mobile applications powered by AI and machine learning algorithms have started flourishing in the market, providing additional value over traditional approaches.

AI can support the typical human financier’s success with actionable data

Financial sector careers are known to be tough, with long hours and high pressure. Let’s take the financial advisor, responsible for clients’ income, expenditure, loans, taxes, and investment are not the most straightforward of tasks. The calculations, and therefore the results, are subject to human error. These shortcomings can be easily overcome by using a mobile application backed by AI.

In other words, financial advisors should be supported by technology – AI could be used to make sense of the research and other data that advisors don’t have time for. The very best technology is that which acts as a natural complement to our lives. That is what AI can do, because breaking down a variety of investment/ advisory options is a task that we are not necessarily best equipped to carry out alone.

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